12 Jul 2016
On June 29, 2016, the Federal Government published the final version of the long-awaited regulations (Amending Regulations) to amend various regulations (Regulations) under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA).
The Amending Regulations came into force on June 30, 2016, however, there is an almost one year delay for the provisions that increase the regulatory burden, which will be in force on June 17, 2017. An updated version of the Amending Regulations with corrected in-force provisions will be published in the Canada Gazette on July 13, 2016.
A draft version of these regulations was published in July of 2015. The amendments have not changed much from those proposed in last year’s draft.
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